Progenics Pharmaceuticals, Inc.
reported third-quarter 2013 loss of 17 cents per share, narrower
than the Zacks Consensus Estimate of a loss of 21 cents and the
year-ago loss of 33 cents.
Quarter in Detail
Quarterly revenues were $0.9 million in the reported quarter,
below the revenues of $1.1 million in the year-ago quarter.
Revenues were also lower than the Zacks Consensus Estimate of $2
Research and development (R&D) expenses remained flat at
$8.1 million year over year. G&A expenses decreased 22% to
Global sales of Relistor, the sole marketed product at
Progenics, came in at $4.8 million, down 2% year over year, as
reported by partner
Salix Pharmaceuticals Ltd.
). Worldwide net sales of Relistor were down 39% from the second
quarter of 2013.
Relistor is a subcutaneous injection that is currently
approved for the treatment of opioid-induced constipation (OIC)
in patients with advanced illness receiving palliative care, when
response to laxative therapy is inadequate.
Progenics has a license agreement with Salix for the
development and commercialization of Relistor worldwide except in
Japan, where Progenics has licensed the rights to the
subcutaneous formulation to
Ono Pharmaceuticals Co. Ltd.
An advisory panel of the FDA is expected to meet in Mar 2014
to discuss Salix' supplemental New Drug Application (sNDA) for
Relistor to treat OIC patients with chronic pain. This is in
response to the complete response letter (CRL) from the FDA in
Jul 2012 for the above sNDA.
An interesting candidate in Progenics pipeline is MIP-1404, a
prostate-specific membrane antigen (PSMA) imaging agent.
Progenics completed enrolment in a phase II study of MIP-1404
whose preliminary data is expected early next year.
Progenics carries a Zacks Rank #2 (Buy). Currently,
) looks well positioned with a Zacks Rank #1 (Strong Buy).
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